Summer is a time for rest, relaxation, and travel – but unfortunately, it can also bring heightened cybersecurity risks. As your trusted advisor, we want to help you protect your financial life during this season and beyond. While we’re proud to say that no client of ours has ever lost money to fraud, staying vigilant is key to keeping it that way. Schwab’s Security Guarantee covers losses from unauthorized activity, but it requires your active participation in safeguarding your data.
Below are practical tips to help you stay protected both while traveling and in everyday life:
Travel Smart:
1) Notify Your Bank: Let your financial institutions know you’ll be traveling – especially internationally – so they don’t flag your foreign transactions as suspicious.
2) Avoid Public Wi-Fi for Sensitive Transactions: Don’t check your bank accounts or login to Schwab over public or unsecured Wi-Fi. Use a VPN for secure access when needed.
3) Enable Account Alerts: Set up real-time email or text alerts for transactions (especially large or foreign ones) through the Schwab Security Center.
4) Watch for Local Scams: Be aware of area-specific scams, such as fake taxi meters, staged distractions, or express kidnappings, that might lead to theft of sensitive information.
5) Avoid Voicemails: Cybercriminals can use voicemails to impersonate your voice. Avoid leaving detailed voice messages, especially while abroad.
6) Wait to Post Travel Photos: Refrain from posting travel plans or photos to social media until you return; this can prevent criminals from knowing you’re away.
Everyday Financial Cybersecurity: Best Practices
- Use Strong Authentication: Enable two-factor authentication using an authenticator app or physical security key. Text and email codes are less secure if your phone or email is compromised.
- Use Biometrics When Available: Fingerprint, facial, or voice recognition adds a secure layer of protection. Schwab’s voice ID is a good example.
- Monitor Your Accounts: Regularly monitor your bank, credit card, and investment accounts for suspicious activity.
- Use Secure Portals: Only send sensitive information through encrypted platforms like our client portal.
- Shred Sensitive Information: Don’t discard anything with account or personal information without shredding it.
- Secure your devices: Always lock your phone and computer with strong passwords or biometrics and enable full-disk encryption.
- Avoid Suspicious Links: Never click on links or attachments in unsolicited emails or texts claiming to be from financial institutions. Your financial institution will never ask you to provide sensitive personal information about yourself online.
- Turn Off Cell Phone Porting: Prevent fraudsters from taking over your phone number by disabling porting through your mobile provider. You can re-enable it if needed.
- Avoid Unknown USB Devices: Free or “found” USB drives can be infected with viruses or malware.
- Keep Software Updated: Install antivirus software and keep your devices, apps, and browsers current.
If You Suspect a Compromise: Act Immediately
- Contact Us or Schwab Right Away: Call Schwab’s Security Center at (888) 372-4922 or contact us directly. It’s smart to keep this number printed and accessible when traveling.
- Be Aware of the Signs:
- Suspicious account activity
- Email or device breaches
- Phone suddenly not working
What We Can Do to Help Immediately
If fraud is suspected, we can take swift action, such as:
- Locking down online access
- Limiting Schwab Alliance access to “view-only”
- Canceling unauthorized wires
- Flagging the account for fraud
- Blocking ACAT (account transfer) attempts
- Reissuing account numbers
- Temporarily restricting available cash
- Conducting forensic analysis of the breach